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Property Management in Gurgaon

Property Management in Gurgaon

A booming city in the state of Haryana, Gurgaon is located ideally to south west of national capital Delhi. The city is in close proximity to Indira Gandhi International airport. As per 2011 census, Gurgaon had a population of 876824 with 3rd highest per capita income in India. The city is also known as millennium city because of rapid economic development the city had witnessed over the past 3 decades. It all started when Maruti Suzuki set up its manufacturing plant in late 1970s here. Post that, General electric’s move to set up their offshore/processing center here paved the way for many more multinationals to open their offices in Gurgaon. As things stand today, about 50% of fortune 500 companies have their presence in Gurgaon.

City’s property market has also flourished on the back of rapid economic growth. First time home buyers, NRIs, institutional investors, and second home buyers have invested in Gurgaon’s real estate market. In addition to capital appreciation gains, one can expect attractive rental income from these homes. However, management of these properties is extremely cumbersome for investors who are far away. Being one of the leading Property Management Companies in Gurgaon, we at Managed Homz provide comprehensive services to NRI, PIO, investors who are living away from their properties.

Property Management in Gurgaon

Gurgaon has a total area of 732 square kilometers. According to the latest Gurgaon master plan 2031, following land uses have been proposed by the town planning department keeping in mind the projected population of 42.5 Lacs (4250000).

  • Area earmarked for Residential purposes such as group housing societies, plots, affordable housing, etc. – 16021 hectares.
  • Area earmarked for commercial development such as office spaces, malls, shopping centers, etc. – 1616 hectares.
  • Area earmarked for industrial development such as manufacturing plants, workshops, warehouses, etc. – 4613 hectares.
  • Area earmarked for transport and communication such as roads, highways, metro rail development, etc. – 4428 hectares.
  • Area earmarked for public utilities – 608 hectares.
  • Area earmarked for public and semi public offices – 2027 hectares.
  • Open spaces – 2928 hectares.


Where is real estate development taking place in Gurgaon?
Real estate development in the city is taking place in following 4 zones:

  • Dwarka expressway – sectors such as 109, 110, 108, 107, 106, 105, 104, 103, 102, 99, sector 37 C are some of the sectors that have witnessed real estate development including residential as well as commercial development. Most of the projects are in final stages of construction. However, some projects are completed and possession has been handed over.
  • New Gurgaon – sectors such as 81, 82, 83, 84, 85, 86, 89, 90, 91, 92, 79, 78, 80 are some of the sectors that have witnessed massive residential and commercial real estate development. The area is just few minutes away from Industrial town Manesar. Families have started to move in the completed projects and there are plenty of options for people to either buy or rent an apartment in this zone.
  • Sohna Road – sectors such as 69, 70, 71, 72, 73, 74, 47, 48, 49 are some of the sectors that have already seen habitation or are in the process of habitation.
  • Golf course extension road – sectors such as 60, 61, 62, 63, 64, 65, 66, and 67 are some of the sectors that are under various stages of development. Some projects are completed and families have started to move in those projects.


Gurgaon Manesar Urban Complex - 2031 Master Plan:


Demand:
As can be seen from the Gurgaon Master Plan 2031, the city is expected to grow to a population of about 42.5 Lacs. The demand for housing is going to surge in coming years. And since Gurgaon has a high per capita income, we may continue to see demand for high end housing. At the same time, affordable housing will continue to attract entry level workers to the city.


Why Property Management in Gurgaon?
Being a millennium city, Gurgaon continues to witness the inflow and outflow of working professionals. Many people invest in the city real estate and due to the nature of their job they are relocated to some other parts of the country or overseas. There are innumerous numbers of Non Resident Indians (NRI) who have invested in property market in Gurgaon. At the same time, many people with surplus income invest in housing in Gurgaon for capital appreciation gains. However, these people are living far away or are simply too busy to manage these properties. And therefore, the investment that could have fetched them substantial returns in the form of rental income remains idle. The property is locked and is never rented out to make any rental income. Or in some cases, a friend or a relative manages the NRI property in Gurgaon.

To cater to property owners who are living away from their properties or are simply too busy, we provide professional property management services in Gurgaon. The services include tenant screening, tenant placement, maintenance and repairs, housekeeping, bill collections, rent collection, constant supervision of the property, key management, and tenant improvements. Non Resident Indians (NRI) as well as Person of Indian Origin (PIO) who invest in Gurgaon real estate can avail our property management services. Not only will NRI & PIO enjoy capital appreciation gains but at the same time their property will be secure and generate rental income. Therefore, returns on investment will be significantly higher.

And since we have established partnerships with some of the big multinationals, the property owner can be rest assured that their property will be leased or rented out to corporate employees, expats, or people in high income group.

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Rental Values in Gurgaon:
Here is a chart to showcase the average rental values in various micro market of Gurgaon. One can adjust for rent in a particular builder project or locality depending on the luxury factor, amenities, and preference.
Rental Values in Gurgaon


Whether one should rent in Gurgaon or own a property now?
If you are looking to move to Gurgaon, first question that comes to mind is whether to rent an apartment or buy one. If your stay is going to be short term, then, of course, you would rent an apartment in Gurgaon. However, if the city is going to be your base location, then, doing a reverse calculation helps.

Estimate your yearly income including the spouse income and other sources of income. Let’s suppose it comes out to be Rupees 12 Lacs (1200000) after paying for taxes.

You may need about 50% of it as living expenses. Remaining 50% can be utilized to pay the EMI. That means about 50000 Rupees per month as EMI. In other words, a bank or a housing finance company may be willing to sanction the loan of about Rupees 50 Lacs (5000000) at 10% interest rates for a period of 20 years. And since you need to put 20% of property cost from your own pocket, it means, given your income levels, you can afford to buy a property worth 60-65 Lacs. One can buy a 2BHK in New Gurgaon in this budget.